Toronto, Ontario--(Newsfile Corp. - October 22, 2024) - Glow Lifetech Corp. (CSE: GLOW) (OTC Pink: GLWLF) (FSE: 9DO) ("Glow" or the "Company") is pleased to provide a commercial update marking a significant milestone as the Company achieves the #3 position in Ontario's cannabis oils category. This success is driven by robust product innovations and strategic launches in the first half of 2024, enabling Glow to strengthen its market presence and continue its growth momentum across Ontario and beyond.
Growth Momentum: Expanded Retail Footprint
Glow continues to gain strong commercial traction across Ontario, with its entire product portfolio of 11 SKUs expanding into more than 600+ retail cannabis stores - a 42% increase in distribution points compared to Q2 2024. With more than 1,600 stores in Ontario, the Company sees substantial headroom for further near-term growth in Ontario as it adds larger key accounts and deepens its market presence, while laying the groundwork for future expansion into other provinces.
"Our expanded store penetration demonstrates the growing demand for Glow's differentiated products and innovative technology,"said Rob Carducci, CEO of Glow Lifetech. "We see a clear path to driving further growth in the Ontario market and across Canada; our success in Ontario streamlines the process for expansion into other provinces."
Category-Leading Market Share: MOD™ Achieves #3 Brand in Oils
Glow has achieved a notable market leadership position with its MOD™ brand, which is now the #3 brand in Ontario's oils category and the #1 brand innovation in oils for 2024 to-date.[1] This success highlights consumer demand for our unique and innovative products. MOD™ not only disrupts the oils market but also appeals across various product segments, including edibles, beverages, and other oral extracts. The Company's innovation continues to lead the market, with Glow's recently launched MOD™ THC Drops 300, a 300mg 3-pack of flavourless water-soluble drops with quick onset and no bitter cannabis taste.
"The strong performance of our MOD™ brand showcases our ability to disrupt the market with products that resonate with consumers and our position as a leading innovator in the cannabis market," said Rob Carducci, CEO of Glow Lifetech. "As we continue to strengthen our presence with MOD™, we are equally optimistic about our .decimal™ capsules, which are well-positioned to follow a similar path to success and establish its own market leadership in the near future."
Strengthening Balance Sheet to Fuel Growth
Glow recently bolstered its financial position through a $1.2 million private placement completed in September 2024[2]. This capital infusion strengthens the Company's balance sheet, providing increased flexibility to accelerate its growth agenda. The Company's early go-to-market initiatives have delivered impressive results, showcasing the effectiveness of our measured and disciplined execution in the market. Building on this momentum, Glow is focused on accelerating its brand-building efforts to further drive growth. Glow is well-positioned to capitalize on its recent business successes, and expects to continue proactively enhancing its balance sheet to pave the way for long-term growth opportunities.
"Our strengthened financial position enables us to continue executing on our growth strategy, with a focus on expanding distribution, driving product innovation, and scaling across new markets," said Rob Carducci, CEO of Glow Lifetech. "The success of our initial go-to-market programs has validated our approach, and we're excited to accelerate our brand-building efforts across Canada. By deepening our connections with budtenders and consumers, we aim to drive further growth and solidify our position as a leader in the industry."
About Glow Lifetech Corp Glow Lifetech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has a groundbreaking, plant-based MyCell Technology® delivery system, which transforms poorly absorbed natural compounds into enhanced water-compatible concentrates that unlock the full healing potential of the valuable compounds.
Contact: James Van Staveren Glow Lifetech Corp. TF. 855-442-GLOW (4569) ir@glowlifetech.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.ca
[1] Based on 2024 OCS Wholesale Data, Year to Date
